The compensation of Starbucks Corp.’s CEO and five other top executives faces opposition from CalSTRS, Ontario Teachers’ Pension Plan and the Florida State Board of Administration, according to the pension funds’ proxy voting disclosures.
The C$238.8 billion ($189.1 billion) Canada Pension Plan Investment Board, Toronto, plans to vote in support of the pay.
Howard Schultz, chairman and CEO of Starbucks, was paid $21.6 million in 2014, up 24.4% from 2013.
Separate, the $185.5 billion California State Teachers’ Retirement System, West Sacramento, also is voting against five of Starbucks’ 12 directors: Olden Lee, James G. Shennan Jr., Clara Shih, Javier G. Teruel and Myron E. Ullman III.
The $181.6 billion Tallahassee-based FSBA plans to vote against re-election as director of Mellody Hobson, president, Ariel Investments.
In addition, the CPPIB plans to support a shareholder proposal calling for an independent chairman, as do the other funds, including the C$140.8 billion Toronto-based OTPP.
Both Canadian funds support election of all directors.
Starbucks’ annual meeting is Wednesday.
